Madoff’s lawyer, Ira Lee Sorkin, is “engaging in discussions concerning a possible disposition of this case,” federal prosecutors noted in a court order released Monday, according to the New York Times.

That means the $50 billion fraud that has ensnared Elie Weisel, Kevin Bacon and scores of hapless investors and Jewish charities may be settled without a trial, the Times reported.

Madoff's lawyer would not discuss what "discussions concerning a possible disposition of the this case" means but several former federal prosecutors told the Times it could only mean that Madoff would plead guilty in exchange for a sweeter deal.

Bernard Madoff & His Victims

“He’s trying to cut a deal,” said Marvin G. Pickholz, a former securities regulator and specialist in white-collar crime told the Times. “The only other possible ‘disposition’ that could be negotiated would be for the government to drop the whole case — and that’s not going to happen.”